NextGen Day

Another week of rising gas prices would be in store for drivers, with the most recent increase topping PHP2 per liter.

Caltex, Cleanfuel, Seaoil, and Shell will increase the cost of gasoline by PHP2.80 per liter and the cost of diesel by PHP2.25 per liter as of Tuesday.

The cost of kerosene will increase by PHP2.40 per liter at Caltex, Seaoil, and Shell as well.

It is anticipated that other business players would do the same.

This week’s price changes followed the trajectory of the whole market, turning bullish due to China’s increased demand for oil.

The relaxation of China’s coronavirus disease 2019 (Covid-19) quarantines is anticipated to increase demand for oil and drive up prices.

Brent crude was trading at USD87.30 per barrel as of this writing, while West Texas Intermediate (WTI) was priced at USD81.34 per barrel.

Last week, WTI was selling for under USD 80 a barrel while Brent was trading under USD 85.

Dubai crude closed last week’s trade at USD81 per barrel, up from USD80 on January 13.

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